GBP/SGD may fall 45 - 62 pips

Our pivot point is at 1.7202.

Our preference

The downside prevails as long as 1.7202 is resistance.

Alternative scenario

Above 1.7202, look for 1.7229 and 1.7245.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.7201 and 1.7202). Finally, the GBP/SGD has penetrated its lower Bollinger band (1.7172).

Supports and resistances

1.7245 **

1.7229 *

1.7202 **

1.7191

1.7168 last

1.7123

1.7106 **

1.7090 *

1.7074 **

Number of asterisks represents the strength of support and resistance levels.